EQT Real Estate II closes at EUR 1bn hard cap – fortifies commitment to thematic, value-add investments across key European cities

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  • EQT Real Estate II surpasses its target size of EUR 750 million by 33 percent following strong support from both new and existing international blue-chip investors
  • EQT Real Estate II follows a thematic investment approach focusing on high-conviction, value-add investment opportunities primarily in the logistics and residential real estate sectors
  • The Fund benefits from EQT Real Estate’s “local with locals” approach with 25 professionals based in EQT’s offices in London, Stockholm, Madrid, Milan and Paris

EQT is pleased to announce that the EQT Real Estate II fund (the “Fund”) has held its final close at its hard cap of EUR 1 billion in fee-paying assets under management. Demand from both existing and new investors was robust, with commitments into the Fund coming from a diversified group of investors across Europe, the Nordics, Asia, North America and the Middle East.

The successful fundraise of EQT Real Estate II exceeded its target size of EUR 750 million and, at EUR 1 billion, is more than 2.5 times larger than its predecessor fund, EQT Real Estate I. The Fund will seek to make direct and indirect controlling investments in real estate assets, portfolios, operating companies and joint ventures and will target equity investments ranging in size from EUR 40 million up to EUR 200 million.

EQT Real Estate II will execute a thematic investment approach with a focus on attractive investments which are decoupled from the financial cycle. Target opportunities, which are underpinned by key secular growth drivers, include urban logistics and warehouse assets that benefit from an ongoing shift in retail consumption trends towards e-commerce and residential investments, including new build for-rent housing, student housing and senior living, which benefit from continued favorable supply-demand dynamics, urbanization and population growth. These are sectors that the EQT Real Estate Advisory Team has extensively researched and in which it has built strong investment convictions.

The Fund benefits from EQT Real Estate’s “local with locals” approach (the team’s 25 investment professionals are based in EQT’s offices in London, Stockholm, Madrid, Milan and Paris). The team will also benefit from the knowledge and resources of the wider EQT platform to source and execute off-market investment opportunities and create value through intensive asset management. The team’s expertise combined with EQT’s proven sustainability framework allow EQT Real Estate to navigate future trends to meet the current and future needs of occupiers.

To date, EQT Real Estate II has committed capital into four high conviction investment programs in Sweden, France and the UK, all with a social impact strategy underpinned by EQT’s industry leading sustainability credentials:

  • Stendörren Fastigheter – majority control of a publicly-listed company which owns a portfolio of 733,000 sqm of operational logistics / urban warehouse real estate across 124 assets in and around Stockholm and a further 666,000 sqm of consented land on which it plans to build 800 apartment units and additional logistics / urban warehouse assets;
  • Svenska Verksamhetsfastigheter (Rock) – a portfolio of 28 urban logistics properties located in university cities around Sweden with a pipeline of additional add-on acquisitions;
  • Nest – a residential solutions platform in France with plans to deliver 4,000 purpose-built apartment units to address the housing and services needs of people with physical disabilities; and
  • Saturn – a residential joint venture focused on the delivery of 3,000 newly built, high-quality rental homes in affordable parts of Greater London.

The Real Estate Advisory Team is also actively evaluating transactions in Germany, Spain, Italy and Benelux.

Robert Rackind, Partner and Head of EQT Real Estate, commented: “We would like to thank all of the investors – both new and existing – for their support of EQT Real Estate II. As we are entering a new investment cycle, we see a strong pipeline of attractive value-add investment opportunities that fit EQT Real Estate’s thematic approach to investing primarily into Europe’s key cities and in particular in our current focus on ‘beds’ and ‘sheds’ assets that are benefitting from positive growth drivers and secular trends.”

Lennart Blecher, Deputy Managing Partner and Head of EQT Real Assets, added: “The high demand that EQT Real Estate II received from a truly global blue-chip investor base is a testament to the compelling combination of EQT’s platform and our Real Estate Advisory Team’s proven real estate expertise. EQT’s ability to cross-pollinate market knowledge, draw on expertise in key areas like sustainability and share networks across our platform is an excellent complement to EQT Real Estate’s in-house talent.”

Christian Sinding, CEO and Managing Partner at EQT, commented: “Real estate is one of the most exciting growth areas for EQT and the success of this fundraise is a reflection of EQT Real Estate’s ability to source attractive opportunities and then develop sustainable, future-proofed assets, while delivering strong results to its investors. We look forward to continuing to build on that success.”

More than 35 percent of the commitments were closed after February 2020 during a period of significant global lockdowns due to the COVID-19 pandemic which showcases not only the investor appetite for the Fund but also the strengths of EQT’s tech infrastructure as the latter part of the fundraising process was carried out digitally.

EQT Real Estate II is backed by a highly regarded, international investor base including public and corporate pension funds, insurance companies, sovereign wealth funds, global asset management firms, commercial banks, endowments and foundations, private wealth channels and family offices.

Contact
Robert Rackind, Partner and Head of EQT Real Estate, Investment Advisor to EQT Real Estate I and II, +44 7860 271 392
Eric Lemer, Managing Director, Head of Business and Capital Development of EQT Real Estate, Investment Advisor to EQT Real Estate I and II, +44 7971 226 842
EQT Press Office, press@eqtpartners.com
UK media enquiries: Greenbrook, eqt@greenbrookpr.com, +44 20 7952 2000

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About EQT Real Estate
EQT Real Estate, part of EQT Group and Investment Advisor to EQT managed real estate funds, seeks direct and indirect controlling interests in value-add real estate assets, portfolios and operating companies across gateway cities in the UK and Europe that offer significant potential for value creation through repositioning, redevelopment, refurbishment and active asset management. The EQT Real Estate Advisory Team comprises 25 experienced Investment Advisory Professionals working out of EQT’s offices in London, Madrid, Milan, Paris and Stockholm. The Investment Advisory Team, which has access to the full EQT network including 11 European offices and more than 500 EQT Advisors, has experience analyzing and investing across the pan-European real estate market and has, collectively, advised on over 130 real estate projects in multiple asset classes across Europe.

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CapMan expands BVK’s Danish portfolio

CapMan Real Estate press release                                      30.9.2020 at 08:00 EEST

CapMan expands BVK’s Danish portfolio

CapMan Real Estate expands Bayerische Versorgungskammer’s (BVK) Danish portfolio. The new acquisition for a real estate fund managed by Universal-Investment-Luxembourg S.A. is a 37,440 sqm residential project in Kirkebjerg, Brøndby developed by CASA A/S, who originally purchased the property in December 2019. The transaction, amounting to more than 1 billion DKK, will be one of the largest residential transactions in Denmark in 2020.

The residential project on Søndre Ringvej 27 is part of the new Kirkebjerg area in Brøndby, where CASA is already developing the property at Søndre Ringvej 33. Kirkebjerg will be Brøndby’s new, vibrant neighborhood with apartments, terraced houses and green areas.

The 37,440 sqm on Søndre Ringvej 27 is situated only a few minutes’ walk from Glostrup station and the new light rail, which will open in 2025. The project totals 463 homes in four blocks as well as a parking garage with room for most cars, so space is left for several green areas. The apartments will all have a balcony or patio and will vary in size from 2-5 rooms (60-107 sqm).

The property is acquired on a forward funding basis from CASA, who will also be the general contractor. Construction of the property starts in November 2020 with delivery of the turnkey project expected by early 2023.

”This project provides a nice addition to BVK’s residential real estate portfolio and we are looking forward to continue our good relationship with BVK, Universal Investment and CASA working on this outstanding residential project,” comments Robert Feldt, Investment Director at CapMan Real Estate.

From grey industry to green residences

In the coming years, Kirkebjerg will be transformed from an industry area to a vibrant neighborhood with up to 2,000 new homes. The first homes are expected to be ready in 2021. Large, green areas are to be used for outdoor recreational areas for future residents and neighbors.

The four new blocks on Søndre Ringvej 27 will furthermore be built according to DGNB Gold standards to enhance the green footprint. The 463 apartments have been designed by Arkitema Architects.

”We are grateful for the cooperation we have with CapMan Real Estate, BVK and Brøndby Municipality on the development of Kirkebjerg. The transformation from grey industry to green residences couldn’t be closer to our hearts in CASA, which makes us even prouder to be developing and constructing this project,” says CEO at CASA A/S, Torben Modvig.

CapMan Real Estate’s Nordic organization includes more than 40 committed real estate investment professionals, managing over €2.8 billion in real estate investments.

For further information please contact:

Robert Feldt, Investment Director, CapMan Real Estate, tel. +45 5051 8841
Ditte Hejberg Sorknæs, Kommunikationschef, CASA A/S, tel. +45 6057 6516

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

About Bayerische Versorgungskammer:

Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany´s largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions´ and communal pension schemes. Bayerische Versorgungskammer covers about 2.4 million insured persons in total, with contributions of € 5.0 billion and about € 3.6 billion pension payments annually. It currently has € 81.7 billion assets under management and more than 1,350 employees.

About CASA A/S

CASA was founded in 2006 and has grown to be one of Denmark’s leading property developer and general contractors. 60% of the company was sold in 2016 to the Danish private equity fund CataCap. More than 15% of CASA is owned by the employees, who are dedicated to developing the company they are a part of. With an annual turnover of 2.5 billion DKK, an average growth rate at 23% and projects all over Denmark within property development, construction and renovation, CASA is now amongst the largest developers and contractors in Denmark. The company has a green profile with an ambition of at least 80% of all new construction being certified sustainable by 2021. www.casa-as.dk

About Universal-Investment

With fund assets of around EUR 528 billion under administration, thereof EUR 400 billion in own vehicles and around EUR 128 billion in, inter alia, insourcing, well over 1,500 mutual and special investment mandates and a workforce of around 750, Universal-Investment is the largest independent investment company in the German-speaking region. With the acquisition of UI labs in January 2019, the industry-leading IT data specialist now completes the Group’s service portfolio by adding front office and data solutions. The investment company is the central platform for independent asset management and unifies the investment know-how of portfolio managers, private banks, asset managers and investment boutiques. Founded in 1968, the Universal-Investment Group is headquartered in Frankfurt/Main and has subsidiaries, branches and holdings in Luxembourg, Poland and Austria. It is one of the pioneers of the investment industry and has meanwhile become the market leader in the areas of master-KVG and private label funds. According to the 2020 PwC ManCo Survey, Universal-Investment is the largest AIFM ManCo in Luxembourg; among the Third-Party-ManCos, Universal-Investment ranks second (as of July 31, 2020).

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CapMan Real Estate and CASA joint venture invests in Frederiksberg

CapMan Real Estate press release 29 September 2020 at 10:00 am EEST

CapMan’s new value-add real estate fund CMNRE III has acquired a prominent property on Lindevangs Allé 8-12, Frederiksberg in a joint venture with property developer CASA. The transaction marks the start of a cooperation between CapMan and CASA focused on transforming and developing outdated properties into modern office space.

CapMan and CASA have acquired an outworn property in the heart of Frederiksberg, part of the City of Copenhagen, which will now undergo a major transformation. Over the coming years, the property will be renovated and upgraded into modern, dynamic office space.

“In recent years, we have worked with a number of transformation projects where the starting point has been well-located properties with significant development potential. For years, this property has been used for educational purposes and it is now our plan to convert it to its original use as office space. We see potential in creating an attractive and modern office environment, which further adds to the appeal of the area,” says Hasse Wulff, Investment Director at CapMan Real Estate.

From an outdated to an inspiring office environment

The large, almost 5,000 sqm, building will undergo a renovation with a focus on sustainability, where e.g. the façade is retrofitted with insulation for energy optimisation.

Student housing is being developed in the neighbouring property. CASA anticipates that the new tenants in the offices and student housing will further contribute to the development of a dynamic community in an attractive part of Frederiksberg. The new office building will be an integrated part of Frederiksberg and offer an active and inspiring environment where tenants, neighbours, and other residents of Frederiksberg can thrive.

Construction is expected to start in early 2021.

CapMan’s Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen and Oslo. CapMan Real Estate currently manages a total of EUR 2.8 billion in real estate assets.

For further information, please contact:

Hasse Wulff, Investment Director, CapMan Real Estate, tel. +45 4013 0433
Ditte Hejberg Sorknæs, Head of Communication, tel. +45 6057 6516

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. Our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

About CASA A/S

CASA was founded in 2006 and has grown to be one of Denmark’s leading property developer and general contractors. 60% of the company was sold in 2016 to the Danish private equity fund CataCap. More than 15% of CASA is owned by the employees, who are dedicated to developing the company they are a part of. With an annual turnover of 2.5 billion DKK, an average growth rate at 23% and projects all over Denmark within property development, construction and renovation, CASA is now amongst the largest developers and contractors in Denmark. The company has a green profile with an ambition of at least 80% of all new construction being certified sustainable by 2021. www.casa-as.dk  

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CapMan holds initial MEUR 313 closing for its third Nordic value-add real estate fund

On track to become the largest fund in the company’s history

CapMan Real Estate press release 28 September 2020 at 11:15 am EEST

CapMan holds initial MEUR 313 closing for its third Nordic value-add real estate fund

On track to become the largest fund in the company’s history

CapMan Real Estate has established CapMan Nordic Real Estate III fund (“CMNRE III”, “Fund”) with MEUR 313 of equity commitments from Nordic, European, and North American institutional investors. CMNRE III succeeds CapMan’s two earlier Nordic value-add funds raised in 2013 and 2017. Due to strong investor demand, CapMan believes that the Fund will achieve its target size of MEUR 500 before the year end, which would make it the largest fund in CapMan’s operating history to date. With leverage, the gross investment capacity of the Fund exceeds EUR 1.2 billion.

“The quick fundraising process clearly shows the strong interest from our investors towards our proven value-add strategy and also demonstrates their trust in our strong local team operating in Helsinki, Stockholm, Copenhagen and Oslo. The fund’s investor base is distinctly international, with approx. 70% of commitments so far coming from outside the Nordic countries. We are grateful for the continued co-operation with the investors who have now worked with us in multiple funds and are excited to have new investors on board. We look forward to establishing long-term relationships with them all,” says Mika Matikainen, Managing Partner of CapMan Real Estate.

In line with its predecessor funds, CMNRE III invests mainly in transitional offices and select residential strategies in capital cities as well as in other major growth centres in Sweden, Finland, Denmark and Norway. The fund may also invest selectively in other property sectors supported by prevailing megatrends.

“The Covid 19 pandemic and related uncertainty has sparked a debate regarding the demand for office space as many industries and work practices are in transformation. In our experience, the demand for modern and flexible office space has remained high especially in central locations where tenants value high quality and versatile solutions. Simultaneously, there is demand for the refurbishment and transformation of older attractively located office stock to comply with requirements for other types of use, e.g. schools and public services, which is also a focus area for our fund,” Matikainen continues.

“Our Real Estate portfolio has continued performing well and the team has completed several successful transactions during the current year despite a challenging market. The fund being raised now is set to become the largest in CapMan’s history. I am confident that our third pan-Nordic value-add real estate fund will build on the successful track record of the team,” comments Joakim Frimodig, CapMan’s CEO.

CapMan’s Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen and Oslo. CapMan Real Estate currently manages a total of EUR 2.8 billion in real estate assets.

For additional information, please contact:
Mika Matikainen, Managing Partner, CapMan Real Estate, tel. +358 40 519 0707
Joakim Frimodig, CEO, CapMan Plc, tel. +358 50 529 0665

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

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EQT Real Estate and Sigma Capital launch GBP 1 bn residential joint venture, set to bring 3,000 new rental homes to Greater London

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  • EQT Real Estate and Sigma Capital launch joint venture to create a GBP 1 billion investment portfolio of 3,000 high-quality “build-to-rent” (“BTR”) residential homes at market rental rates in more affordable areas of Greater London
  • The joint venture constitutes EQT Real Estate’s first UK investment and combines its thematic focus on “beds and sheds” in European gateway cities with a social impact strategy underpinned by EQT’s industry-leading sustainability credentials
  • The joint venture launches having secured five sites from one of the UK’s premier homebuilders, Countryside Properties, and has agreed to purchase two additional BTR sites from Sigma Capital upon their completion
  • Initial financing provided by Homes England, the housing agency of the UK Government

EQT Real Estate today announced the launch of a joint venture (the “JV”) with Sigma Capital Group plc (“Sigma Capital” or “Sigma”), a London-listed residential development and urban regeneration specialist. The JV will focus on the creation of new-build, high-quality well-located BTR residential apartment blocks and houses in more affordable parts of Greater London and its commuter towns. The homes will be predominantly located in transport Zones 3-6 and in close proximity to transport links, including train access to central London.

Completed homes will be let at market-rate rents under Sigma’s ‘Simple Life London’ brand, which aims to bring a higher standard of customer care and convenience to the private rental market.  Sigma has pioneered BTR in the UK and to date has successfully delivered and manages in excess of 4,200 rental homes across the UK.

EQT Real Estate and Sigma have initially committed equity of GBP 300 million and GBP 16 million, respectively, to the JV. Including gearing, it is intended that the JV will have an initial capacity to establish an investment portfolio of approximately 3,000 homes with a total value in excess of GBP 1 billion. The JV has secured five projects with an aggregate of 361 homes from Countryside Properties plc (“Countryside Properties”) located in the London boroughs of Ealing, Enfield and Havering. In addition, two further sites currently under development by Sigma in the boroughs of Barking and Dagenham and Havering will be acquired by the JV on completion. These two sites together will comprise an additional 157 homes and are expected to be completed during H1 2021. The JV’s assets are expected to be delivered over a period of at least five years in order to create a stabilized portfolio of diversified rental income.

The initial acquisitions will be financed with a GBP 50 million loan facility from Homes England, the UK Government’s housing body that is responsible for increasing the number of new homes that are built in England and sponsored by the Ministry of Housing, Communities & Local Government. EQT Real Estate, Sigma and Homes England share the same vision of delivering thousands of new rental homes in London where there is a critical undersupply of affordable, high-quality rental properties.

Consistent with other EQT Real Estate transactions, the JV will invest in buildings with strong sustainability credentials. Where possible, buildings will tap into local community heating networks and will utilize photovoltaic panels. The JV will also promote sustainable living practices within the apartments themselves, while the schemes will include ample cycle storage and will typically be located near green outdoor areas, an important wellness factor.

Peter Shacalis, Director at EQT Partners and Head of UK, EQT Real Estate, said: “EQT Real Estate is thrilled to be entering the London residential market, one with a severe supply shortage of professionally managed, high-quality, good value homes to rent, with Sigma Capital. In addition to the initial seven schemes, we are currently evaluating a growing pipeline of projects in Greater London to build a large scale, resilient and downside-protected institutional BTR portfolio with robust and diversified rental income. EQT Real Estate looks forward to partnering with the Sigma team to realise our shared vision over the coming years.”

Rob Rackind, Partner at EQT Partners and Head of EQT Real Estate, said: “This joint venture with Sigma Capital marks an exciting entrance into the UK for EQT Real Estate as it represents the first transaction in this market since the business line was established in 2015. I cannot think of a more compelling investment opportunity at the moment than to deploy capital into this high conviction strategy, and one that should deliver significant social impact, by providing market-rate housing to renters in affordable locations within Greater London and its commuter towns with strong transport links.”

Graham Barnet, CEO of Sigma Capital, said: “We are delighted to be expanding our delivery of new rental homes in the UK with the launch of our London-focused joint venture with EQT Real Estate, a strong and visionary partner. Homes England, which has supported Sigma with every major initiative to deliver the new housing that is much needed across the country, is also providing invaluable backing to the joint venture. Once again, Homes England is leading the market in its support for organizations looking to deliver homes at scale in the UK. We are also pleased to be working with Countryside Properties in Greater London to replicate the success of our partnership in the regions. We look forward to delivering thousands of high-quality new rental homes across the Capital with our partners at EQT Real Estate and providing London renters with a higher standard of customer care.”

Iain McPherson, Group Chief Executive, Countryside Properties, said: “We are delighted to have expanded our strategic relationship with Sigma and its new partner, EQT Real Estate, to deliver much-needed PRS homes within London.  Our Partnerships business has a proven track record, and, together with our clear strategy for growth, we look forward to continuing to work with our partners as we focus on the delivery of high quality and sustainable mixed-tenure communities.”

UK Housing Minister Rt Hon Christopher Pincher MP said: “This Government is committed to delivering 300,000 new homes a year in England by the mid-2020s, ensuring everyone has the opportunity for a decent and secure place to call home.

“These 3,000 new homes, backed by £50 million from our housing accelerator Homes England, will help us deliver for families across Greater London.”

Simon Dudley, Interim Chair at Homes England, said: “We are excited to be strengthening our work with Sigma Capital. By supporting their joint venture with EQT Real Estate we are using our resources to accelerate the delivery of much needed high-quality rental accommodation and unlock substantial private sector investment in the housing sector.”

Taylor Wessing acted as legal advisor for EQT Real Estate.

Contacts

EQT
Peter Shacalis, Director at EQT Partners and Investment Advisor to EQT Real Estate, +44 786 027 1392
Rob Rackind, Partner at EQT Partners and Investment Advisor to EQT Real Estate, +44 786 027 1392
UK media enquiries: Greenbrook, eqt@greenbrookpr.com, +44 20 7952 2000
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

Sigma Capital Group
Graham Barnet, Chief Executive, +44 20 3178 6378
Mike McGill, Finance Director, +44 0333 999 9926
KTZ Communications, Katie Tzouliadis, +44 20 3178 6378

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

About EQT Real Estate
EQT Real Estate, part of EQT Partners and Investment Advisor to EQT managed real estate funds, seeks direct and indirect controlling interests in value-add real estate assets, portfolios, operating companies and platforms across gateway cities in the UK and Europe that offer significant potential for value creation through repositioning, redevelopment, refurbishment and active asset management. The EQT Real Estate Advisory Team comprises 26 experienced Investment Advisory Professionals working out of EQT’s offices in London, Madrid, Milan, Paris and Stockholm. The Investment Advisory Team, which has access to the full EQT network including 11 European offices and more than 500 EQT Advisors, has experience analyzing and investing across the pan-European real estate market and has, collectively, advised on over 130 real estate projects in multiple asset classes across Europe.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

Sigma has created an unrivalled property platform, which sources sites and brings together construction resource to develop them, enabling Sigma to deliver an integrated solution to partners. As well as sourcing sites and managing all stages of the planning and development process, Sigma also manages the rental of completed homes through its award-winning rental brand ‘Simple Life’. The Company’s subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc, the real estate investment trust that is investing £0.9bn in a portfolio of high-quality new rental homes for private rental across the regions.

More info: www.sigmacapital.co.uk

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KKR Acquires Industrial Distribution Property in Phoenix

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KKR

Core Plus Real Estate Strategy Adds Third Industrial Asset to Portfolio

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the acquisition of an industrial distribution property in Phoenix, Arizona for a purchase price of approximately $43 million. The asset is the third industrial property acquired by KKR’s core plus real estate strategy.

The property is a state of the art fulfillment center completed in 2019 and was 100% leased at acquisition to the wholly owned subsidiary of a leading, Investment Grade public company.

“We are pleased to acquire our first industrial property in Phoenix, which is a market with highly attractive fundamentals,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas. “This is an important transaction for us as we continue to develop and diversify our industrial footprint.”

KKR owns over 14 million square feet of industrial property in strategic locations near major metropolitan areas across the U.S. Since launching a dedicated real estate platform in 2011, KKR has grown real estate AUM to approximately $12.0 billion across the U.S., Europe and Asia as of June 30, 2020. The global real estate team consists of over 90 dedicated investment professionals, spanning both the equity and credit businesses.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media:
Kristi Huller, Cara Major or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Source: KKR

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EQT acquires idealista – the leading online real estate classifieds platform in Southern Europe

eqt

  • EQT IX to acquire idealista, the leading online real estate classifieds platform in Southern Europe, present in Spain, Italy, and Portugal
  • idealista’s underlying market is supported by favorable secular megatrends, such as the increasing shift from offline to online marketing spend, as well as significant network effects driven by the platform’s strong brand recognition
  • EQT will, together with idealista’s founders and management team, support idealista’s continued growth momentum and further penetration of existing markets, by leveraging EQT’s strong digital and sector expertise, “local with locals” approach, and extensive advisory network

The EQT IX fund (“EQT IX”) has agreed to acquire idealista (“the Company”) at a transaction price of EUR 1.3 billion from funds advised by Apax Partners and management. Management will re-invest significantly into the Company while EQT IX will have majority ownership. idealista’s management team, including founder and CEO Jesús Encinar, will continue to lead the Company, building on its strong track record of growth and innovation.

Founded in 2000 and headquartered in Madrid, Spain, idealista supports approximately 40,000 real estate agents and 38 million unique monthly visitors across Southern Europe by providing an online real estate classifieds marketplace for home buyers and sellers. The Company’s online platform and diversified portfolio of digital services, such as CRM tools, data analytics, and online mortgage brokerage, help enable efficient real estate transactions, making it a key destination for prospective homeowners and sellers in Spain, Italy, and Portugal.

EQT IX will support idealista’s growth and continued pursuit of commercial excellence by investing in the Company’s online platform and further developing its portfolio of value-add services for real estate agents. Moreover, the Company is expected to leverage EQT’s inhouse digital and tech expertise, global presence, and network of advisors. Together with its founders and management, EQT will support idealista’s plans to further penetrate its core markets and strengthen its position as the market leading and go-to platform for online real estate classifieds in Southern Europe.

Bert Janssens, Partner and Global Co-Head TMT at EQT Partners and Investment Advisor to EQT IX, said: “idealista represents a truly thematic investment, within one of EQT’s core sub-sectors. This investment fits strongly with EQT’s focus of investing in high growth companies and partnering with world class management teams. We are impressed by the market leading position idealista has built over the past 20 years and EQT is excited to support idealista and its entrepreneurial management team in this next stage of growth.”

Carlos Santana, Managing Director and Head of EQT Private Equity in Spain at EQT Partners, and Investment Advisor to EQT IX, concluded: “EQT believes that idealista has the potential to grow at an accelerated pace. Together with Jesús and the management team, EQT will support further expansion within idealista’s core markets and consolidate its leadership position in Southern Europe. The investment in idealista further demonstrates EQT’s commitment to pursue investment opportunities in the region.”

Jesús Encinar, CEO at idealista, said: “We are very excited to partner with EQT and look forward to working together during the coming years. EQT’s online classifieds and real estate expertise, local presence in Spain and Italy, and extensive network of advisors will be of great value for us and key to our future success. idealista and EQT share a similar culture and passion for growth, a key decision factor for me and my team to partner with them.”

In line with the commitment to invest in sustainable businesses, EQT will accelerate idealista’s growth as it supports local and industry technological innovation by leveraging its role as a key intermediary in the real estate transactions value chain. By supporting real estate agents’ transition from offline to online and enabling efficient transaction between prospective homeowners and sellers, idealista contributes primarily to the Sustainable Development Goal 11.

The transaction is expected to close subject to customary approvals in December 2020. PwC, Allen & Overy, and Freshfields served as advisors to EQT, while Evercore served as advisor to Apax and idealista.

With this transaction, EQT IX is expected to be 10-15 percent invested, based on its target fund size.

Contact
Bert Janssens, Partner and Global Co-Head TMT at EQT Partners and Investment Advisor to EQT IX, +31 652 523 675
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT

EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About idealista
idealista supports approximately 40,000 real estate agents and 38 million unique monthly visitors across Southern Europe, by providing an online real estate classifieds marketplace for home buyers and sellers.

More info: www.idealista.com/en

Gaw Capital Partners Successfully Completes Fundraising for IDC Platform Close to US$1.3 Billion

Gaw Capital

September 7, 2020, Hong Kong – Real estate private equity firm Gaw Capital Partners announced the closing of fundraising for its internet data center (IDC) platform, which targets to invest in a portfolio of projects in partnership with IDC developers and operators in China, bringing the total equity raised approximately US$1.3 billion.

Humbert Pang, Managing Principal and Head of China, said, “Gaw Capital Partners is extremely pleased to be teaming up with industry leaders and outstanding operating teams to invest in IDC projects. We have seen good results thanks to our operating partners’ strong execution capabilities. Amid the backdrop of pandemic and the rapid adoption of 5G in China, there is a strong demand for data processing services due to the increasing use of data because of the social distancing measures. With most social and economic activities migrating online, data centers in promising locations along the densely populated region of China are emerging as valuable assets that produce stable rental income.”

Christina Gaw, Managing Principal and Head of Capital Markets, commented, “We are delighted to complete the final close of fundraising for our IDC platform, following the highly successful fundraising round for our Gateway Real Estate Fund VI. A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) is the largest investor in the IDC Platform, with additional commitments made by other global institutional investors. These commitments we have received are a strong vote of confidence in Gaw Capital’s approach to IDC assets, which is a focused sector for us, and we have further plans to grow into other Asia regional markets.”

From 2010 to 2018, the total IDC market size in China grew more than 10 times from RMB 10.2 billion to RMB 127.7 billion. The compound annual growth rate of the market was 37%, doubling that of the global average during the same period. The rapid growth of the IDC sector will be sustained in the coming years, spurred by China’s push towards greater digital transformation and technology adoption across sectors.

In addition to Gaw Capital Partners’ six funds in the Gateway Fund series targeting Asia Pacific, Gaw Capital Partners also manages opportunistic funds in Vietnam and the US along with a Pan Asia Hospitality Fund and European Hospitality Fund. Additionally, Gaw Capital also provides services for separate account direct investments in the global markets. Gaw Capital has also successfully developed a sizable logistics platform, medical-asset backed platform, mini-storage platform, premium outlet malls and education-related platform in recent years to help support the growth and management of these assets.

PropertyGuru raises S$300M to accelerate growth in Southeast Asia

KKR

September 2, 2020

Long-standing shareholders TPG and KKR strengthen investment and confidence in the Group’s leadership, strategy and performance.

 

SINGAPORE, 2 September 2020 – PropertyGuru Group (‘PropertyGuru’ or ‘the Group’), Southeast Asia’s leading property technology (“PropTech”) company, today announced that it has received an additional investment of S$300 million (approx.) [US$220 million] in recent funding rounds by leading global investment firms TPG and KKR (via KKR Asian Fund III).

This investment comes at an extraordinary time for PropertyGuru: With 24% y-o-y revenue growth, PropertyGuru beat 2019 forecasts and continues to lead in Southeast Asia with 57% market share* (4x nearest player). PropertyGuru is the PropTech leader across all five markets in the region with its No. 1 marketplaces: PropertyGuru in Singapore and MalaysiaBatdongsan.com.vn in Vietnam DDproperty.com in Thailand, and Rumah.com and RumahDijual.com in Indonesia. Over the past year, business momentum and financial performance has been very strong across multiple key markets.

The funding will accelerate PropertyGuru’s growth strategy across all key markets as the Group ramps up its investment to meet the rapidly evolving needs in the property ecosystem. The continued support of TPG (over the past five years) and KKR (over the past two years) will see PropertyGuru further invest in identified strategic areas of growth, including its mortgage marketplace launched this year- PropertyGuru Finance, an end-to-end sales enablement solution for property developers- PropertyGuru FastKey and data capabilities to empower property seekers across Southeast Asia to ‘Find.Finance.Own’ their homes.

Olivier Lim, Chairman of the Board, PropertyGuru Group, said, “Since its founding in 2007, PropertyGuru has secured its leadership by continuing to provide increasing value to all its customers and users. We have scaled rapidly across Southeast Asia by anticipating and addressing consumer needs with a data-driven strategy, underpinned by a talented team of ‘Gurus’. This year, amidst the changing business realities, the demonstrable strength of our platforms has solidified our relative market leadership and provides new opportunities to accelerate both organic and inorganic growth with new investments. This increased support from TPG and KKR to accelerate growth is a great validation of the Group’s successful performance, its leadership team and their strategy to unlock the opportunities that will achieve the Group’s ambitions in the region.”

Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group, said, “Our strong financial performance over the last few years has enabled us to invest aggressively and smartly, to build what is today an integrated and differentiated technology platform that caters to the unique opportunities in Southeast Asian markets.

The additional investments from TPG and KKR will enable us to continue building Southeast Asia’s property trust platform and accelerate our momentum in key markets like Malaysia and Vietnam. We help property seekers ‘Find.Finance.Own’ their home and these new investments will accelerate the growth plans we have identified as more consumers and customers move towards digital solutions for  property buying and selling. Over the last thirteen years we helped create the PropTech industry in this region, and as the market leader we look forward to providing further innovations to digitize the property sector.”

Upgrades and new offerings so far in 2020

PropertyGuru’s belief in technology as a connector and solution to resolve home-seekers’ pain-points has seen it relentlessly invest and expand its service offerings in data and digital tools to improve transparency in the property ecosystem for consumers, developers, and agent partners across Southeast Asia.

This year, PropertyGuru expanded into home finance with the launch of a mortgage marketplace in Singapore, ‘PropertyGuru Finance’, as well as a major upgrade to the property seeker experience in Vietnam. The Group enhanced offerings to provide data-driven insights as well as additional sources of income for agent partners. For property developers, significant enhancements were made to PropertyGuru FastKey with the launch of PropertyGuru FastKey – StoryTeller– a digital product that allows 360-degree immersive walkthroughs of a project, its units and the surrounding cityscape, to showcase and explore properties with real-time availability, straight to the screens of property seekers who explore properties from the convenience and safety of homes. This solution enables property developers to start marketing their projects much earlier, even before constructing the sales gallery or show flat.

As behaviours adopted during the pandemic reshape consumer habits and preferences in a new normal, digital transformation is accelerated across sectors. Per the latest report by Bain & Company and Facebook, nearly 70% of Southeast Asians are expected to be digital consumers by the end of 2020. The dynamic landscape is thus revealing new growth opportunities in PropertyGuru’s existing markets to enhance and expand offerings to consumers, property agents and developers.

– END –

*Market share Source: SimilarWeb data – Engagement market share, last six month average as at July 2020

 

About PropertyGuru Group

Group is Southeast Asia’s leading property technology company and the preferred destination for 24.5 million property seekers to find their dream home, every month.  PropertyGuru and its group companies empower property seekers with the widest option of more than 2.7 million homes, in-depth insights and solutions that enable them to make confident property decision across Singapore, Malaysia, Thailand, Indonesia and Vietnam.

 

PropertyGuru.com.sg was launched in 2007 and revolutionised the Singapore property market by taking it online and made property search transparent for the property seeker. Over the decade, the group has grown from a regional property media powerhouse to a high-growth technology company with a robust portfolio of No.1 property portals across its core markets; award-winning mobile apps; best-in-class developer sales enablement platform, FastKey; mortgage marketplace PropertyGuru Finance; and a host of industry-leading property offerings including Awards, events and publications across Asia.

 

For more information, please visit www.PropertyGuruGroup.com ; https://www.linkedin.com/company/propertyguru

 

Media contacts:

 
Sheena Chopra Anushka Shrivastava / Jamie Tan
PropertyGuru Archetype Singapore
+65 92475651 +65 83678767 / +65 94880992
sheena@propertyguru.com.sg propertyguru@archetype.co

CapMan Real Estate sells office property in Stockholm to Fabege

CapMan Real Estate
Press Release
8 May 2020 at 12.00 p.m. EEST

CapMan Real Estate sells office property in Stockholm to Fabege

CapMan Nordic Real Estate II Fund has signed a sale agreement with Fabege regarding Påsen 1, an approx. 10,000 sqm multi-let office building in Hammarby Sjöstad. The agreed property value is SEK 441.4 million.

“We purchased this property in March 2018 and were very much drawn towards the value-add opportunities we saw at that time. Hammarby Sjöstad and its surrounding area in southern Stockholm has experienced rapid development and growth in the past few years and we have seen rental values rise significantly as a result. We are pleased to capitalise the value we have created to date and also to sell to Fabege who is a long-term owner and developer in the area,” comments Per Tängerstad, Partner at CapMan Real Estate.

Påsen 1 is the second exit of the CapMan Nordic Real Estate II Fund. The focus of the €425 million fund was to acquire mainly office, retail and residential properties located in established submarkets of major Nordic cities. CapMan is currently raising its third value-add Nordic fund.

Nordanö and Mannheimer Swartling assisted CapMan on the sale.

For further information, please contact:
Per Tängerstad, Partner, CapMan Real Estate, tel. +46 70 591 23 00

About CapMan www.capman.com

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €3 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs approx. 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012.

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